<br />."-',
<br />
<br />442417
<br />
<br />Boox0632 PAGE 257
<br />
<br />5. Not to sell, transfer or dispose __. the Collateral, and promJ:tly to notify Sc~"Eed Party of cny ::hcnge in the
<br />location of the Collateral within the State of Cc1orodo and n:>t to remove the same from the Stote of Colorado witil:>ut
<br />tile prior written consent of the Secured POT'Y.
<br />
<br />6. To pay all taxes and assessments of every natura vthkh may be levied or assessee agains1 6.e Ccliatercl.
<br />
<br />7. Not to permit or allow any adverse lien, security L'1terest or encumbrance whatsoever upon the Collateral and
<br />not to permit the same to be attached or replevined.
<br />
<br />8. That the Collateral is in good condition, and that he will, at his own expense, keep the same in good conditio"
<br />and from time to time, forthwith, replace and repair all such parts of the Collateral as may be broken. worn oui, or
<br />ciamaged without allowing any lien to be created upon the Collateral on account of such replacement or repairs, and
<br />that the Secured Party may exa:nine and inspect the Collalerol at any time, wherever located.
<br />
<br />9. That he will not use the Collateral in violation of cmy applicable statutes, regulations of ordincmces.
<br />
<br />UNTIL DEFAULT Debtor may have possession of the Collateral cmd use it in any lawful manner, and upon de.
<br />fault Secured Parly shall have the immediate right to the posse?sion of the Collateral.
<br />
<br />. DEBTOR SHALL-BE.-lN DEFAUkJ:.o\mder this agreement upon the happening of any of the following events or
<br />.. _. .. _ . ....10. ,-~ t ~.-
<br />conditions: - .',. ..,'" '. '\ .. -"",-... .
<br />
<br />(a) default in the payinen1 or performance of any obligation, covenant or liability contained or referred to herein
<br />cr I:: c~y l~ct,::, :::~;ide!l;i'r'ig th~ ~s=d.::~~;
<br />
<br />(b) the making or furni?hing of any warranty, representalion or statement to Secured Party by or on behalf of
<br />Debtor which proves to have been false in cmy material respect when made or furnished;
<br />
<br />(c) loss, theft, damage, ciestruction, sale or encumbrcmce to or of cmy of the Collateral. or the making of cmy levy,
<br />seizure or attachment thereof or thereon;
<br />
<br />(d) death, dissolution, termination of existence, insolvenCY, business failure, appointment of a receiver of cmy
<br />part of the property of, assignment for the benefit of creditors bY, or the commencement of any proceeding under any
<br />banr-.rupky or insolvency Jaws of, by or against Debtor or any c)'Uarantor or surety for Debtor.
<br />
<br />UPON SUCH DEFAULT and at any time thereaiter, or iJ it deems itself insecure, Secured Party may declare all
<br />Obligations secured hereby immediately due cmd payable crrld shall have the remedies of a secured party under h.
<br />ticle 9 of the Colorado UniJorm Commercial Cocie. Secured Parly may require Debtor to assemble the Collateral and de-
<br />liver or make it avail61e to Secured Party at a place to be designated by Secureci Party which is reasonably convenient
<br />to both parties. Expenses of retaking, holding, pre;::aring for sale, selling or the like shall include Secured Party's rea.
<br />sonable attorney's fees and legal expenses.
<br />
<br />No waiver by Secured Party of any default s:,all operate as a waiver of any other default or of the same default
<br />on a future occasion. The tal::ing of this se:urity agreement shall not waive or imp::::ir any other security said Secured
<br />Parly may have or hereafter aCquire for the payment of the above bdebtedness, nor s!-lall the taking of any such addi.
<br />tional se::urity waive or L'T.Ipair this security agreement; nut said Secured Par:y may resen ~o C!:l'l se:::v.rity it :nay have
<br />b the oreier it !!lay aaam proper, and I!Otwithstc...'"1dL.""!c; cny collweral security, Se:::cred Pc:rty sho11 r6toL'1 its ric;::ts of set-
<br />err agc::i11st Debtc:.
<br />
<br />than one DelJICl', their li6il:ties nersU.<"1ae: S:i:::l! be jCLl1t and ss.,;s:::::1,
<br />
<br />c=:J.d d1;ties c.: Dabtcr s~aE !JL-d b~ h9i_rs, E'xe::uk-::s .:'1T cc.!nj:~:i~7::"::::'f~ C': hj~, :: i!3 S'.2-:::2S~:=-S _:,r C22::;;~.2. !: :n.c:c l:e =-:::2
<br />
<br />JiJ! :::;hts of Secured p~ nereunder shdl bure to be OS::lefit of its successors ~ci assi:;!1s; and all pTon:ises
<br />
<br />Dated f.'1,i,s
<br />Debtor:.
<br />
<br />CCYO'
<br />
<br />10
<br />,''''-'
<br />Se:::ured ?arty: ~
<br />
<br />OVERLAND DITCH- c'L\'D RISER'I'OIR CO'!PAl\,
<br />
<br />COLO~~DO WATER CO~SERVA!TO~ ROA~D
<br />
<br />.' ;
<br />/) -'- >. /
<br />B\' ,//!./......~ ...~~......
<br />Peter ~asper: Pr~sideP-t
<br />
<br />Bv ~'--4t/"J.
<br />
<br />i.^v((JL~
<br />~
<br />
<br />----
<br />
<br />.E this Se::-.::ity Agre-~r.:.enl is ir:i€,:,:dt;c to se....e as =:- Ii~c:ncic:l s:clemeni secure::' ?C::~::- cs "'!ell cs j:,e debto: :::ust si:;:'i.,
<br />
|